A series of 100-peso coins introduced by Mexico’s national mint, Casa de Moneda, will use several different metals, including silver.
The first coin, which is already in circulation, celebrates the Union of the States of the Mexican Republic into one Federation. A total of 32 different coins will be issued - one each month through 2005, for each Mexican state, in reverse alphabetical order, with Zacatecas being first and finishing with Aguascalientes.
According to the Silver Institute, Washington, the coin design is bimetallic, with the center of the coin consisting of 0.925 silver alloy, and the outside ring of the coin an alloy of bronze and aluminum.
Each coin contains 0.6 ounces of silver. The Banco de Mexico will determine mintage levels, but it is believed that they will authorize 250,000 coins for each of the 32 states. The entire coin program could potentially consume more than 250,000 pounds of silver when completed in 2005.
A silver one-troy-ounce proof coin, with a 10-peso face value, will also be issued with a mintage of 10,000 coins. A bimetallic proof coin, with a face value of 100 pesos, made of gold and silver, will also be issued with a mintage of 1,000 coins.
“The Silver Institute has been meeting with the various mint masters of several countries in an effort to encourage the development of silver coinage programs,” says Paul Bateman, executive director of the Silver Institute. “We are very pleased with the exciting new silver circulating coinage program underway in Mexico, and are hopeful that the trend continues elsewhere throughout the world.”
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